Each year on December 31st Americans pledge to eat healthy and spend less in the coming year. Turns out these resolutions are causing hardships for well known brands like Quiznos sandwich shops and Chicago's Hostess Brands.
With more people packing lunches and pinching their pennies Quiznos has found themselves in debt. According to the Chicago Sun Times they owe $875 million. The company is working with creditors to restructure the debt and make it possible for the company to pay off debt while avoiding bankruptcy. This is what Chicago bankruptcy lawyers would call, restructuring.
If successful, Quiznos can restructure their debts without bankruptcy and save themselves and thier creditors the expense of bankruptcy while working together to get back on their feet.
Sometimes the best way to avoid bankruptcy in Chicago is to evaluate the success of your marketing presence. If Quiznos is losing customers concerned with cost they should market daily deals, sandwich giveaways and show customers that their product saves them money.
Hostess is filing for bankruptcy in Chicago. The brand is responsible for Wonder Bread, Ho Hos, Ding Dongs, Twinkies and Sno Balls. These snacks are well known by all Americans and their brand is strong. The problem for Hostess is the 150 calories packed in one Hostess Twinkie. Americans who are concerned with their health and diet are not buying Hostess products at the store.
Due to this change in American's diets Hostess is seeking the help of Chicago bankruptcy lawyers to file chapter 11 for the second time in 10 years.
This raises the question of how the company will do after bankruptcy. Healthy eating habits are here to stay and the best way to avoid bankruptcy in Chicago is to market their product and develop new products for health conscious Americans.
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.
If a homeowner has a tax lien on their house their IRS tax attorney may suggest that they try to sell to pay off their debts. When you are the buyer you want to do your research to make sure you know if there is a tax lien on the house before you buy.
Tax liens are put in place when the homeowners owe a specified amount of money in tax debts. These debts can be from income, sales, local or federal taxes and if you have enough it will result in a tax liens on your assets.
This is important for a homebuyer because the tax lien will need to be paid before the sale can be completed. In a good housing market the homeowner should be able to sell the home for a profit which they would use to pay off their tax liens. However any real estate lawyer in Chicago will tell you that sellers are not getting the price they want for their homes. If the seller cannot sell the home and make enough money to pay their tax liens off then the sale could be in jeopardy. There is a chance that they can ask for an IRS discharge which would allow the sale to go through.
When you decide to make an offer on a home your Chicago real estate attorneys may tell you about title insurance. Title insurance is required by mortgage companies to protect them (and you) from a third party who may have a lien. The title insurance company does extensive research on the property to ensure that no one else can claim it as their own.
If you happen to be able to afford to buy a house outright without a mortgage your Chicago real estate attorneys may recommend that you get title insurance for yourself.
Buying a home with a tax lien on it can go smoothly. Just make sure you are well educated and well protected during the sale and afterwards.
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.
April 15th is a very well known day. Referred to as "Tax Day" in the United States, this date is burned into the minds of Americans just like December 25th and July 4th.
Some people who pay tax in Chicago are excited for filing their taxes annually. Many receive tax refunds because they have overpaid in taxes during the year. There are others who dread tax day. They fear IRS audits, tax liens and have an IRS attorney on standby should they need help.
For those that want to put off filing their 2011 taxes they are in luck this year. Tax day falls on a Sunday this year and the next day is Emancipation day, a holiday recognized by the District of Columbia. It is a law that tax deadlines recognize holidays in the District of Columbia. This means that Tax day is pushed until Tuesday, April 17th.
But that's not the end of the extensions. 2012 is also a Leap Year which means that February has 29 days instead of 28. This extra day means that anyone who is planning to file their 2011 taxes at the last minute will have 3 extra days to get it done.
IRS tax attorneys will tell you that it's not the best idea to wait until the last minute to organize your taxes. If you simply cannot be ready by April 17th then you can file for an extension to complete your taxes by October 15th. Organizing your tax documents as they arrive is a great way to improve your chances of meeting the deadline.
Ultimately, delaying filing is not a successful way to avoid IRS audits. Get your taxes filed and make sure you have a qualified IRS tax attorney on speed dial!
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.
If you have been found to owe the government money for back taxes it is a debt that you can expect to stick until it is paid. Tax debt cannot be discharged through bankruptcy and once you reach a certain level of debt the government will put tax liens on your assets.
Putting a lien on someone's property is a process that is used to ensure that debts are paid. If someone puts a lien on your home you will be unable to sell or refinance the property until the lien is paid of. This helps the creditor ensure that they get their money at some point.
If you have had tax liens put on your assets in an attempt to collect past due taxes you might consider holding tax lien sales. Selling off any valuables and putting the money towards your debt is a great way to move forward.
It is important to remember that similar to bankruptcy, foreclosure will not help you escape your tax liens. The sale of a foreclosure that has a tax lien will take all of the income from the sale and use it to pay your tax debts.
There are solutions for debtors suffering with tax liens to help pay down debts and remove liens:
1. Payment plans - Even the US government will accept a payment plan. You will have to submit financial details proving your income and other details but once you complete the process payment plans are fine.
2. Lump sum pay-offs - Like any collection agency you can negotiate a lump sum payoff for your debts. This process takes a long 6-9 months but once completed you are debt and tax audit free.
3. Tax liens are good for 10 years - If the IRS puts a tax lien on your home it's only good for 10 years. After this time the lien expires.
IRS audits are a complicated process that can lead to a lot of confusing and time consuming processes. Tax lawyers in Chicago specialize in handling these situations and making sure they do all they can to help you pay your debts and get you back on your feet.
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.
When a homeowner is being threatened with foreclosure they may consider taking advantage of some offers to stop foreclosure that might seem like the perfect solution. Unfortunately an offer that sounds too easy is likely to be a scam.
Scammers have ways of finding out that you are at risk of foreclosure on your home. They will approach you with all kinds of opportunitiies to help you keep you home but in most cases they intend to take advantage of your situation.
Straw buying - Straw buying isn't always bad. In fact, when done correctly it really can help someone save their home. However there are a lot of cases where people end up worse off after receiving help from a straw buyer.
For a flat fee the straw buyer helps you refinance your home and get a new loan. They bring good credit to the table making a loan possible that otherwise wouldn't be. The owner of the home would also be on the refinance documents. The owner would continue to make mortgage payments until their credit got back on track and they could qualify to refinance on a loan without any help. The scam happens when the straw buyer drains the home of all equity. When they do this is makes it un-affordable for the owner.
If your straw buyer is honest it really could save your home but the risk is too great to take a chance.
Leaseback - A leaseback is when someone buys your house and takes over all financial responsibility. You then lease the home from them for a set period of time. After that time you have the opportunity to buy your house back from the investor.
There are two ways to be scammed with a leaseback. The first is when the new owner pulls all the equity out of the home so it becomse impossible for the previous owner to buy it back. The other scam is when the leaseback contract allows all agreements to be cancelled if they were late or short on a payment. A minor payment error can cost a family the rights to their home.
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.
When we are trying to save money there are expenses that are so important we have no choice but to pay them. Things like food, car and health insurance, gas and pet food feel like cost that will never go away.
With many Americans out of work and narrowly escaping chapter 7 bankruptcy in Chicago, some may begin to feel they are out of options.
Your Chicago bankruptcy lawyers will tell you that making changes to your spending on necessities might be the difference between filing for bankruptcy and getting back on your feet financially.
An article in Yahoo! Finance outlined several ways you can cut down on costs that you may have thought were here to stay.
Health Care Costs - Employers who offer health insurance often offer multiple plans to their employees. Shop your options every year at open enrollment. Consider how often you visit the doctor and how much the co-pays will be. If your spouse has insurance through their employer determine who has better coverage.
For someone with healthy teeth the cost of dental insurance that is only used for 2 cleanings a year is a huge waste.
Lower Car Expenses -
Most of us have to drive everyday. Gas is not an expense we can avoid but we can decide how much we're going to pay for it. Websites like Gas Buddy and FuelPrices.net can tell you what gas station has the cheapest gas in your area each day. Save money on insurance by updating your policy each year and shopping competitors prices for the best rate.
Spend Less At The Grocery Store - Everyone has to eat, there's no way around it. However you can cut the cost of food with a little effort.
Grocery store sales run on a 12 week cycle. This means that every 12 weeks the cost of staples like cereal and meat are at their lowest. If you can line your shopping up with this cycle it can result in huge savings. If you don't buy enough to warrant a bulk food store membership consider splitting one with another family may be the perfect solution.
Cut Pet Care Costs - Buying your pet's food at Target or Walmart can help you save a lot of money. It might even save you a trip to the pet store. More competitors have emerged that make flea and tick prevention medicine. Some of them are priced significantly lower than others.
Paying a little more attention to how you spend your money and what you can do differently can go a long way. Make these changes in 2012 and watch the savings pile up.
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. The Law Offices of Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.
When an individual or business is about to go into bankruptcy or foreclosure they often spend their final months trying everything in their power to avoid those things. A homeowner will try desperately to stop foreclosure or sell the home before it is taken. A business owner may also try to sell a business in hopes of garnering a profit that can be used to pay of creditors.
According to an article in Yahoo! Auto Swedish car manufacturer Saab tried one last thing to save the business from bankruptcy. They worked out a deal with Chinese automaker Zhejiang Lotus Youngman. For a moment is seemed as if Saab would survive however GM blocked the agreement for security reasons. Saab is currently being manufactured with a GM engine because GM was the owner until 2010 when it was purchased by Dutch entrepreneur Victor Muller. GM also does a lot of business selling cars in Asia so having that information in the hands of a car manufacturer there was risky for their business.
GM narrowly escaped bankruptcy itself in 2009 and cannot afford any further set backs.
Probably a wise decision for GM has resulted in bankruptcy and liquidation for quirky car brand Saab.
Chicago bankruptcy lawyers will tell you that Saab probably did everything they could to avoid bankruptcy. Working deals at the last minute means they were trying to avoid bankruptcy just as any individual would.
If you are feeling the threat of bankruptcy hanging over your head talk to Chicago bankruptcy lawyers today and find out what steps you can take to secure your financial future. A bankruptcy filing attorney in Illinois is likely to offer a free legal consultation. This is an opportunity to get your questions answered before you commit to working with them. If you are struggling financially take advantage of the free advice and find out if there is a reasonable solution for your financial problems.
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. The Law Offices of Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.
Rapid growth of a business can potentially ruin the business by taxing its resources and decreasing the quality of the product. Chicago bankruptcy lawyers have seen too many businesses fail because they overextended themselves and took on too much new business.
According to an article in AOL Jobs, this is true for a cupcake bakery in the UK that offered an aggressive Groupon. The Groupon let customers order from her online cupcake business for 75% off. The bakery owner knew that the deal would cost her $3.80 for each Groupon that was sold but she believed the loss was worth it for the increased exposure for her business.
On a small scale this might have been true however in this instance 8,500 of the bakery Groupon's sold. Because the bakery owner had to hire 25 additional staff members to complete all of these orders the loss totaled over $50,000.
The bakery owner nearly escaped filing chapter 11 bankruptcy and called the Groupon situation a total disaster in the AOL Jobs article.
Any business owner will tell you that some edeavors lose money while others make money. It's a learning process but when a business suffers a loss this great it can push the owner into chapter 11 bankruptcy.
Chapter 11 bankruptcy for a business is often similar to chapter 13 bankruptcy in Chicago. It gives a business an opportunity to restructure to ensure that they can make payments towards their debts and get out of debt. In order to file chapter 11 you have to prove that your business will be profitable again after getting through this current financial situation. For other businesses chapter 11 may be more like chapter 7 bankruptcy in Chicago where all assets are liquidated and the business is dissolved after the bankruptcy filing is complete.
According to the article in AOL Jobs the bakery owner had the option to control their sale with communication with Groupon. A Groupon representative explained that the bakery owner initially wanted to do a Groupon nationally in the UK but the company convinced her to focus on a smaller reach of 15 markets. Groupon also explained that businesses have the option to stop a sale during the day if it's selling too quickly or to put a cap on what they can afford to sell.
When used wisely a marketing tactic like Groupon can be great for a business, but it imperative that you understand the big picture before publishing your offer.
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. The Law Offices of Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.
Today's home values have dropped so drastically that some house values are far below the current mortgage against them. This is a challenge for both lenders and borrowers. When a mortgage company forecloses on a home they turn around and sell the home to pay off the debt that is owed to them by the debtor. In a situation where the homeowner was upside down in their loan the lender will not garner the full debt from the foreclosure sale. In this case it is likely that your lender will seek a deficiency judgment and pursue you for the remaining debt owed to them.
If you believe there is not hope in trying to stop foreclosure on your home speak with a foreclosure attorney in Chicago. They may suggest that you request deed-in-lieu of foreclosure on your home.
Deed-in-lieu of foreclosure is when a homeowner asks to give the house back to the lender. This is beneficial to a lender because they save money on the foreclosure process because they do not have to go to court to get the home. When a debtor seeks deed-in-lieu of foreclosure they often believe they will be released of all their debt. Unfortunately if the home sells for less than what is owed the lender can pursue the debtor for the deficiency. This can go on for years and during that time the lender may sell the debt to a collection agency that will try to collect the debt in a more aggressive way and won't give up.
Your foreclosure attorney in Chicago will suggest that when you request deed-in-lieu of foreclosure that you also try to negotiate that the lender will not pursue you for any remaining debts. If they will agree to this it would mean that once you give them back the house you will be free of all remaining debts no matter how much they sell the home for.
This sounds like a great solution for someone who feels foreclosure is imminent. However it is important to remember that the lender does not have to agree to deed-in-lieu of foreclosure. They have the option to refuse and pursue foreclosure through the traditional route.
Speaking with a foreclosure attorney in Chicago will help you understand you options and better prepare you to seek an agreement with your lender.
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. The Law Offices of Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.
When buying a home you will quickly learn that every home has its issues. Once the sale has become final there are things that can come up. One of the appliances may need to be replaced, a basement may flood or the new owners could find $23,800 stuffed in a bag inside an old mattress that was left in the house.
The latter is exactly what happened to a Chicago couple who had just purchased a 1940's home that was previously owned by an elderly woman who is now deceased. As with many estate sales the family chose not to empty the house before selling it. They left a lot of old furniture including an old mattress that the couple wanted to remove from the house right away.
According to an article in the Chicago Tribune the couple was getting ready to take the mattress out of the house a blue bag was found and its contents proved very surprising. Although they expected the bag to hold some money they had no idea how much they would find. A life changing $23,800 had been hidden in the bag.
When making a discovery like this a lot of ideas may run through your head. Is the money mine to keep? Am I legally required to return the money?
It may come as a surprise to some but your Chicago real estate attorney will tell you that any items left inside a home at the time of sale typically becomes the property of the new owners. This includes hidden money. If this was the case, the new homeowners had no legal obligation to return the money to the family of the previous owner.
Despite their legal rights to the money this couple decided to give the money back to the son of the deceased woman who was shocked and grateful to receive such a large sum of cash.
This sort of thing does not happen often but your Chicago real estate attorney will tell you it's always important to go through old furniture before you sell a home or before you get rid of the furniture. You never know what you may find!
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. The Law Offices of Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.
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